Cosco Shipping Ports reports 4.4% YOY increase in total throughput for 2023

SHANGHAI : Chinese state-owned ports logistics company Cosco Shipping Ports Limited reported a 5.8% year-on-year increase in profit for 2023, standing at USD 324.5 million.

The company’s annual revenue reached USD 1,454.4 million, increased by 0.9% YoY. Gross profit was USD 420.9 million, decreased by 2.1% YoY, and gross profit margin decreased by 0.9bps to 28.9%.

Share of profits from joint ventures and associates companies amounted to USD 297.9 million, decreased by 3.3% YoY, the company said.

The company reported a year-on-year increase of 4.4% in total throughput, reaching 135.8 million TEU. Additionally, total equity throughput rose by 3.1% to 43.3 million TEU.

However, there was a decrease of 2.7% in total throughput from terminals where the group has controlling stakes, amounting to 30,762,095 TEU. Conversely, throughput from non-controlling terminals surged by 6.7% to 105 million TEU.

“2023 was a year of economic recovery following three years of COVID pandemic, however the slow pace of the recovery of the global economy, overall lackluster performance in global trade, as well as low external demand have brought challenges for growth in China’s exports. Despite these difficulties and challenges, the overall performance of China’s external trade was decent, maintaining a stable market share internationally,” the company said.

“Looking ahead to 2024, the group will continue to strengthen its globalization strategy in four areas: efficiency, networking, assets and staff, to realize its transformation into a global operator, and strive to build a world-class customer-focused port logistics service provider.”

Cosco Shipping Ports added that it was planning to seize the opportunities in emerging markets, especially those included in the Regional Comprehensive Economic Partnership (RCEP), regional markets, and third country markets, and explore investment opportunities in key hub ports and core supply chain resources behind the terminals.

The port operator also plans to participate in domestic port resource integration to optimize terminal structure and enhance asset quality.